Police officers on Monday evening recovered fake money along Brookside drive in Westlands.
The officers raided a residence at Sandal Wood ApartmentsÂ and recovered fake money which is estimated to be more than Ksh1 Billion.
Earlier reports had indicated the fake currency notes were worth more than Ksh 3 Billion.
Police stated that the money was in form of Dollars and Euro bills stacked in bundles of ten.
The area CID boss Musa Yego further revealed that three suspects were arrested in possession of the money while one of them managed to escape.
The main suspect identified as Abdulla TambaÂ and the other three are nationals from Mali.
Police believe the suspects are illegally in the country and investigations into the matter are ongoing to find the other accomplices whose identities were withheld as part of the investigations.
In a similar case in 2015, Flying squad officers raided an apartment in Westlands and recovered fake US Dollars 1.5 million(Sh 153 million) bills.
The officers were responding to a complaint launched by a Saudi Arabian businessman after one of the suspects refused to pay US Dollars 4 million (Kshs408 Million) that he owed him.
Police claimed the suspects had planned to release the counterfeit money into the Kenyan market.
â€śIt is alleged that on October 16, without lawful authority and in your knowledge, you had in your possession 15,000 counterfeit notes,â€ť read the charge sheet.
In 2011, police officers arrested two Congolese men and a Kenyan woman in connection to a fake money printing cartel in Muthaiga.
The three were arrested after the officers were tipped off by residents in the area.
According to the Kajiado North OCPD Mohamed Farah, the fake money was worth more than Ksh 1 billion and was in Kenyan and US Dollars currency.
He further stated that it was the biggest fake money heist in the country at that time.